This blog post includes a short video discussing the Public Company Accounting Oversight Board’s May 2015, Audit Committee Dialogue, and below the video you will find a link to the Audit Committee Dialogue. Please pass this blog post to everyone would be interested in these materials. Thank you. Dave Tate, Esq. (San Francisco and California).

Click on the following link for the PCAOB’s May 2015, Audit Committee Dialogue, Click Here.

Click on the link, which contains a short JD Supra update from Wilmer Hale discussing KPMG’s 2015 Global Audit Committee Survey. The survey is long and contains useful information (over 80 pages). I am making this post because of the discussion about audit committees being given responsibility for cybersecurity oversight. That’s fine, but I suggest that the overall board still must be actively involved in this oversight, you need to be sure that the audit committee members are qualified and have the time to take on this area of oversight, and the audit committee members and other stakeholders should have a good understanding about just what the oversight involves and how the committee should go about that oversight.

As we all know, cybersecurity is an important area of oversight that can significantly effect all businesses. Enjoy.

Why is this important? Well . . . if you are an accountant who performs review and compilation services, it should be important to you. And if you are someone who depends on information and representations provided in reviews or compilations, it should be important to you, if you care to know whether a compilation or review provides you with any useful information. Speaking of the subject, I never hear anyone discussing whether a quarterly review for a public company provides any useful information. I believe that at least in theory they do, but, if not, then why continue with the expense? Dave Tate, Esq. (San Francisco)

No surprise here. Inactive and lack of diligent long-term planning. This issue has been around for 40-50 years. A serious issue for old, middle age and young alike.

If you are young, why do you want to pay 13-14% (half from you and half from your employer) into this program when there is no reasonable certainty that it will be around for you when you retire, and if it is around there is no reasonable certainty about what the benefits will be.

If you are near or at retirement and you paid into this program for 40-50 years you are probably safe, if you don’t live for another 20 years.

If you are in the middle, not near retirement, and have been forced to pay into this program for 25-35 years, good luck to you.

How would you rate the Social Security program risk management? See my prior blog post about the NIST cybersecurity risk management framework, Click for Post . I would rate Social Security risk management as Tier 1 – Tier 2.